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about the debt ceiling. remember, president bush was in office at the time, so senator obama would probably be against some of the things he was talking about, particularly the debt ceiling. the senator called it irresponsible to increase the debt. listen to then-senator obama. >> the problem is that the way bush has done it over the last eight years is to take out a credit card from the bank of china in the name of our children, driving up our national debt from $5 trillion for the first 42 presidents. number 43 added $4 trillion by his lonesome so we now have over $9 trillion of debt that we are going to have to pay back, $30,000 for every man, woman and child. that's irresponsible. it's unpatriotic. >>steve: there you've got the president, back then senator, back in the day saying that president of ours, he's running up the bills, and it would be unpatriotic what he's doing. and we cannot raise the debt limit. forward to his administration, and i think this is going to be the fourth time he has asked congress to up the debt ceiling. of course what he said is, i know the republic
on spending cuts in order to raise the debt ceiling and key senate republican says mr. obama doesn't get it. >> you have a kid that keeps a credit card loaded and a person that would tear up the credit card but you look at the credit. republicans are willing to pay for past bill but this is about the future bill. the president misses the point here. >> reporter: today, house democratic whip steny hoyer said new revenue must accompany spending cuts. for day, the final passage is expected in the house in the next hour or so. bret? >> bret: mike, we will follow that on fox. thank you. ominous note now from one of the world's top credit agencies. fitch rating says the u.s. could lose the top credit rating if there is a delay in raising the debt limit. we'll find out with the senior political analyst brit hume thinks about this. good evening. >> good evening. the warning from the fitch rating agency today is certainly will become talking point for president and democrats who claim the republicans are using the debt ceiling recklessly as leverage for spending cuts. worry over the debt ceiling is
that said i will not vote for you. he wouldn't vote for a debt ceiling increase. leadership means the buck stops here. that's why i won't vote for raising the debt creteing. that is senator, senator obama in 2006. he voted against raising the debt ceiling. calls it unpatriot i cannot to do it now. >> dana: president obama was called out on this before. saying it was unpatriotic and lack of leadership. that's why you would vote against it. now it's unpatriotic if the patriot act hold you to spending reduction to get the debt level raised. major garrett at cbs now, asked a question. it was a long question or we'd play it for you. but i thought president obama could have answered it with more honesty, as opposed to yeah, i know. politics got in the way. >> kimberly: but he didn't. he wanted to say i know what you are talking about. >> dana: attack the questio questioner. that was then, this is now. >> kimberly: now he's head of the ma nar i can and he can do -- monarchy and he can do what he wants. he continues to demonize with the rhetoric and language those who disagree with him. because th
. this isn't the fiscal cliff. this time it's called the debt ceiling debate. former senator alan simpson is co-founder of the campaign to fix the debt and the former debt commissioner co-chair. he's been an outspoken advocate of getting our spending under control, and he joins us right now in a cnbc exclusive. senator, good to have you on the program. thanks for joining us. >> it's a pleasure always doing that with you. >> we've read simpson/bowles. know you recommend spending cuts, but do you believe the gop should be using the debt ceiling as a leverage point to get to the president to agree to the cuts? >> i think that would be a grave mistake. i don't think that would solve anything. i know they are going to try it, and how far they will go with the guam of chicken, i have no idea, but i can tell you can't -- you really can't -- this is stuff that we've already indebted ourselves. i mean, if you're a real conservative, really honest conservative without hypocrisy, you would want to pay your debt, and that's what this is. they are not running up anything new. they are paying off and w
when he was a junior senator from illinois who opposed raising the debt ceiling. that's right, barack obama, america's lecturer in chief scolding republicans for linking to the debt ceiling. here is what the anointed one said in march of 2006 leadership means the buck stops here, instead washington is shifting the burden of bad choices today on the backs of our children and grandchildren. america has a debt and a failure of leadership. americans deserve better i therefore intend to oppose the effort to increase america's debt limit. obama as senator did precisely what he's saying should not be done. but obama being obama and doing so, well, he's demonstrating his insufferable moral superiority. the second trait we saw from obama during his press conference, his demagoguery was on display, he said that republicans were suspicious about social security and government support for the elderly and spending money on medical research and then get this, suspicious about programs a, making sure that kids and poverty are getting enough to eat. this is not only deeply dishonest, it's a gross dis
against raising the debt ceiling. so what has changed now? congressman jason chaffetz nice to see you. >> well, congress spending pushing and the president pushing for this? we have to stop the spending. like the alcoholic who won't give up his drink anymore, you have to slow this. >> greta: what president obama said today he's basically executing what you in congress are telling him to do. you authorize the spending and he's got to pay the bills. and so now you're saying he can't borrow the money. >> no, we've got to make sure we prioritize the payment of the 16.4 trillion dollars that this government owes, but we have to solve the problem. we don't need just the deal. we actually have to solve the problem and the way you solve that problem is it cut up the credit card and slow the spending to a point where you actually cut into the deficit and pay off the debt. >> you know what i didn't like today. i thought it was annoying, he may have to slow down social security payments if-- and tell you why, there's never any suggestion maybe congress shouldn't be paid salaries, the senate not
in 2006, he voted against the debt ceiling. i just want to note that. i know it's 2013, but he voted against it. in fact, the senators, chuck schumer and harry reid and those who signed that letter, they all voted against the debt ceiling too. now, how does obama come away with that kind of history and accuse the republicans of shutting down the government and demonizing them? how does he do that? >> well, i think there's a long history of partisan hypocrisy and deal making on this deal. what we see obama doing is trying to take control of that political fight so that those who would get political advantage by say voting against raising the debt ceiling which tends to be popular. people -- you know, the american public, they hear debt ceiling and they think no, let's not do that. that sounds awful to give government more money to spend. he's trying to turn it around. but it absolutely is a dynamic that he exemplploited when he w senator. >> robert costa, let's look at this for a minute. republicans have a tricky situation. because the country does not want us to default. and this who
for the debt ceiling can sometimes be complicated. you, yourself, as a member of the senate, voted against a debt ceiling increase. and in previous aspects of american history -- president reagan in 1985, president george herbert walker bush in 1990, president clinton in 1997 -- all signed deficit reduction deals that were contingent upon or in the context of raising the debt ceiling. you, yourself, four times have done that. three times, those were related to deficit reduction or budget maneuvers. what chuck and i and i think many people are curious about is this new, adamant desire on your part not to negotiate, when that seems to conflict with the entire history in the modern era of american presidents and the debt ceiling, and your own history on the debt ceiling. and doesn't that suggest that we are going to go into a default situation because no one is talking to each other about how to resolve this? >> well, no, major, i think if you look at the history, getting votes for the debt ceiling is always difficult, and budgets in this town are always difficult. i went through this just la
be the two senators supporting them in the fiscal cliff negotiation sandy relief debt ceiling. we should be supporting frank lautenberg, and bob menendez, and me, i have a job to do here in new york. >> and in the latest poll, 42% of the voters say they would vote for cory booker, 20% would into a scooter that talks to the cloud? ♪ or turn 30-million artifacts... ♪ into a high-tech masterpiece? ♪ whatever your business challenge, dell has the technology and services to help you solve it. introducing a revolutionary new mascara. clump crusher...crusher. 200% more volume. zero clumps. new clump crusher from easy, breezy, beautiful covergirl. from easy, breezy, beautiful ...so as you can see, geico's customer satisfaction is at 97%. mmmm tasty. and cut! very good. people are always asking me how we make these geico adverts. so we're taking you behind the scenes. this coffee cup, for example, is computer animated. it's not real. geico's customer satisfaction is quite real though. this computer-animated coffee tastes dreadful. geico. 15 minutes could save you 15 % or more on car insuran
to raise the debt ceiling, i'm happy to take it. mitch mcconnell, the republican leader in the senate, had a proposal like that last year, and i'm happy to accept it. >> how does it work? step one. president asks congress to raise the debt ceiling when it's within $100 billion. step two, the congress rejects that request and sends a joint resolution of disapproval back to the white house. step three, obama vetoes the resolution of disapproval. step four, congress does nothing. as long as the house and senate wait 15 days before addressing the white house veto, then the president gets his original wish and the debt ceiling automatically goes up. in other words, a redo of the fiscal cliff threatening the u.s. economy. give extremism and allow congress to basically do anything. welcome to washington. andrew, is this -- is this the way it goes now? >> i'm depressing. it is depressing are but it's also maybe the viable path forward. in terms of harm done to the u.s. economy sshgs that the best solution? >> i cannot get behind that. by the way, count get behind the platinum coin. we could draw s
senator from illinois who opposed raising debt ceiling that. is right. barack obama scolding republicans for linking p spending cuts to raising debt ceiling himself voted against raising the debt ceiling. here is what the anointed one said in 2006, said leadership means the buck stops here, washington is shifting burden of bad choices today onto the backs of our children and our grandchildren. er america has a debt, and a failure of leadership. americans deserve better, i, therefore, intend to oppose the efforts to increase american's debt limit so he is doing what he said shouldn't be done. but in doing so is demonstrating his morale superiority. the second thing we saw today is on full display he said republicans were sus spishus about social security and government support for the elderly and spending money on medical research, then, about programs aimed at making sure kids in poverty are getting enough to eat. now this, snot only deeply dishonest it's a gross distorgs. a lecture coming from a man responsible for a massive increase in poverty during his presidency. a third thing we sa
raising the debt ceiling without cutting spending at the same time. boehner calls the debt an anchor on our economy. here's the leading senate republican, making his point. >> it's sort of like you have a kid who exceeds the credit card limit. you tear up the credit card, but you look at the spending. the republicans are willing to pay for past bills. these are about future bills. the president is missing the point that we are on an unsustainable path. >> reporter: portman acknowledges the need to raise the debt ceiling, but he supports the context of getting a handle on the spenning. >> shepard: this is disaster relief for victims of super storm sand gee right. we have had plenty of lawmakers saying we need to get a handle on government spending, but not when people are waiting for major disaster relief money. a key new jersey democrat is saying people from new york, new jersey and connecticut pay their fair share. three state, 16% of the taxes. you ask the question: who suffered because of super storm sandy? certainly, our neighbors in new york and new jersey and connecticut suffe
. meanwhile, president obama may be sending a message to our gridlocked congress of the debt ceiling debate. do your job or will do it for you. >> if the house and the senate want to give me the authority so that they don't have to take these tough votes, if they want to put the responsibility on me to raise the debt ceiling and happily take it, but if they want to keep this responsibility than they need to go ahead and get it done. gerri: if they don't can the president by passed the congress using the 14th amendment? for a corrupted by former federal prosecutor joins us. read this so that people can get a sense of what it says. the validity of the public debt of the united states authorized by law including pensions and bounties for services in suppressing insurrection or rebellion should not be questioned. it sounds pretty dramatic. >> the 14th amendment, we all remember from high-school kamal is a reconstruction of manila in 1868 after the civil war to plan the most abortive things that it did was granted full citizenship to african-americans, thus overruling the dread scott case. gerri
raising the debt ceiling -- >> not enough -- >> some democrats. but not to this extent and not in a party-wide thing. this is important for the president for a couple reasons. one of them is his second term agenda which we're looking at the challenges of in a "huffington post" series called "the road forward." if he wants to go forward, if he wants to complete the job on health care and on bank regulation and on immigration and on a whole host of things, he's got to beat the republicans politically. he's got to beat them on spending, and he's got to back them into a corner politically. he's got a chance to be more consequential in a second term -- this is usual -- >> what's his one, two, three agenda. >> gun control, immigration reform, and number one is what chuck was grilling him on today, which is his strategy on beating the republicans on debt and spending. >> fiscal victory -- >> then immigration and gun control. >> is that how you see it one, two, three, chuck? >> he can't do anything until the budget showdowns are over. >> right. >> and they can't be piecemeal. you're not going to
'll have more on the debt ceiling in the next hour when we speak to senator rob portman. you guys, wilbur, you also said we have -- we are fully ready with inflation, we have all the tools we need to exit. >> well, i caution a little bit. historically the fed has always bought short-term paper and it's easy then to raise the interest rates. again you let the paper roll off, you sell it. now they've been buying long-term paper. rates start to go up, fed could get creamed in terms of their own balance sheet, because of the losses. if rates went to their ten-year average, the fed portfolio would be down 23%. they don't have 23% equity. >> and richard, i saw bill miller came back with a vengeance this year betting on housing, and financials. >> yes. >> and huge returns. i mean 40% i'm thinking. >> so did you -- you watched that happen in your business? >> yes, yes. and you know, we're seeing the housing business stabilizing, you know, part of that is we've got a little better job creation in the economy and we're kind of working on ways to work slowly and credit markets are a little better fo
in both the house and senate is they will only increase the debt ceiling by the amount of spending cuts that they are able to push through. in order to replace the automatic spending cuts and a sequester, 1.2 trillion, say it takes another trillion to get us through one more year, they would have to identify 2.5 trillion dollars in cuts just to get the debt ceiling extended to next year. 2.5 trillion. congress has not been able to identify 1.2 trillion and cuts their happy with. because the same republicans say they do not want to cut the fence. and they have claimed they do not want to gut medicare or harmed the vulnerable, but the truth of the matter is you cannot meet their own criteria without drastically cutting medicare or having an impact on medicaid or affecting the defense spending. the ma justth is not add up. here is what would work. -- the math test is not at about it adds up to. 0.5 trillion dollars. the consensus is we need 4 trillion dollars to stabilize the debt, deficit. that means we need 1.5 trillion dollars more. the package i authorized to the speaker before the new
increasing the debt limit as a senator. john boehner said that the debt is endangers children's future, that the consequences of failing to increase the debt seal ceiling are real, but so also are the results of allowing our spending problem go unresolved. president obama said he is open to discussing deficit reductions, but only after congress first pay this bills that the country already owes. >> the federal government takes a larger chunk of paychecks. that's because during the fiscal cliff debate, congress allowed a temporary cut in social security taxes to expire, mean that social security taxes have increase thousand by 2%. economists anticipate the payroll increase tax hike will reduce u.s. house hold incomes by a collective $125 billion this year. >>> a another brutely cold night and into tomorrow morning. it is going to be freezing and below freezing once again. a look here at the pattern. we remain with the trough to the east of us. a ridge of high pressure to the west, but this ridge is slowly nudging east, and eventually, by midweek wednesday and lasting into the weekend, i
out president obama voted against increasing the debt limit as a senator. john boehner said that the debt is endangers children's future, that the consequences of failing to increase the debt seal ceiling are real, but so also are the results of allowing our spending problem go unresolved. president obama said he is open to discussing deficit reductions, but only after congress first pay this bills that the country already owes. >> the federal government takes a larger chunk of paychecks. that's because during the fiscal cliff debate, congress allowed a temporary cut in social security taxes to expire, mean that social security taxes have increase thousand by 2%. economists anticipate the payroll increase tax hike will reduce u.s. house hold incomes by a collective $125 billion this year. >>> a another brutely cold night and into tomorrow morning. it is going to be freezing and below freezing once again. a look here at the pattern. we remain with the trough to the east of us. a ridge of high pressure to the west, but this ridge is slowly nudging east, and eventually, by midw
against the debt ceiling increase. democrat president. dome kratz like the president voted against raising debt limit when he was in the senate and there was republican president. there is hypocrisy all over the place. what was particularly bothersome from the president we didn't hear from him any suggestion of where he wants us to go to solve the long-term problem. i go back to what we all understand is the cause of the problem here and that is entitlements and we need structural reform. melissa: last word real quick, we have to go. >> we'll never get to entitlement reform with a gun to your head that is what is happening with the debt ceiling. >> we didn't get to it before then. melissa: great discussion. next on "money", a stunning number of americans are using their 401(k)s to pay for every day expenses. a top financial planner said you couldn't make a worse decision. he is here to explain. we also asked for some other options if you're in this situation. >>> plus, demand for gas is falling to lows not seen in nearly a decade. many are giving credit to stiff fuel efficiency mandates. i
them in the fiscal cliff negotiation sandy relief debt ceiling. we should be supporting frank lautenberg, and bob menendez, and me, i have a job to do here in new york. >> and in the latest poll, 42% of the voters say they would vote for cory booker, 20% would vote for current senator frank lautenberg. and 60% of all new jersey voters polled have a favorable view of booker, compared to 5% who have a favorable view of lautenberg. and he is here, cory booker. first of all, mayor, i have to thank you for getting me here tonight. i was scheduled on a flight to jfk. they had mechanical difficulties, i went across the airport, went to a place called newark, new jersey, which it turns out has an airport with lights and everything. and you can land at night in new jersey. who knew? did you do that? >> i had nothing to do with that. but i appreciate you -- putting praise on one of america's gr t greatest cities. >> and it was so much faster getting there -- >> look, one of the businesses, jobs, discovering newark, new jersey, suddenly people are waking up to the discovery, hey, it is
are not a dead beat nation. >> in a statement john fwhier says the consequences of failing to increase the debt ceiling are real so, too, are the consequences of allowing our spending problem to go unresolved. republican senator mike lee of ue ah taw says the government needs put into place structural spending reform because simple spending cuts will no longer do the job. we are going to face another credit downgrade i fear because we will face it again without think being the way paushiwashi spends money. >> he is willing to work with republicans to reign in spending. he wants to conduct those talks separately from the gop to raise the debt ceiling. he hopes by doing so he can avert a first ever national default. >> kelly wright live in washington. thank you. >>> it is time to take a look at who is talking. another big battle on capitol hill of course. the gun control debate. joe biden announced his task force regulations. we are hearing from one congressman who has a personal connection to this. >> despite the mash shoot something representative barber says he still supports the second mained
hypocritical because whe he was a senator in 2006 and george bush wanted to raise the debt ceiling he said no and called george bush failed president. gerri: one of the reporters got up and said only a few years ago you were saying that this kind of fight makes no sense, would have to have fiscal discipline. what do you say to this? speak of the president has been the beneficiary of large increases in mandatory spending because two-thirds of the spending is mandatory so he doesn't have to pass bills increase spending. the public is not aware of it, spending now 24% of gdp historically 20% of gdp. gerri: and deficits far as the eye can see. clearly this is a situation that cannot continue forever. they have said let's take it to the court. what do you make of that strategy? >> is a losing strategy. there is a reason that debt ceiling raised with congress. that is a reason they have to start using the president's language and site we have to have a baland approach. if you want the debt ceiling raised come at some point we're going to have to address spending cuts. this is as good a time as
in both the house and senate is that they will only increase the debt ceiling by the amount of spending cuts that they are able to push lou. congress has not been able to identify $1.2 ril onin cuts they are happy with. >> p obama's warning on the debt ceiling will republicans be able to use the debt ceiling debate as leverage to get big spending cuts? or will it be on the government funding? jinx me is congressman greg walden. member of the leadership and joins me now. congressman, good morning. >> good morning, chuck. good to be with you. >> nice to see you. let me ask you about this issue of whether the debt limit should be used as leverage or whether you are trying to convince your members to say, you know what, the better place to have a debate with the president about spending cuts is on funding with the government. >> first of all, chuck, you just wish the president weren't so adversarial in his tone and the way he deals with the congress. you know, in the past -- >> let me stop -- wait a minute. let me stop threw. >> a lot of people will say adversaryial relationships are a woul
mitch mcconnell continued to link the debt ceiling increase to spending. in a statement he said the president and his allies need to get serious about spending and the debt limit debate is the perfect time for it. house speaker john boehner also ignored his obligation to pay the nation's bills and also complained about spending. the american people do not support raising the debt ceiling without reducing government spending at the same time. they speak so confident, don't they? it's almost as if they forgot all about the spending cuts the president already gave them over a year ago. well, let's try to help them figure it out a little bit with a little visual and audio assistance. >> over the past two years i've signed into law about $1.4 trillion in spending cuts. two weeks ago, i signed into law more than $600 billion into new revenue, by making sure the wealthiest americans begin to pay their fair share. when you add the money that will save in interest payments on the debt, all together that adds up to a total of about $2.5 trillion in deficit reduction over the past two year
time, the president rejected urgings by some democrats that he raised the debt ceiling on his own authority. republicans were quick to answer the chief executive's criticism. senate minority leader mitch mcconnell said in a statement the president and his allies need to get serious about spending and the debt limit debate is the perfect time for it. and speaker of the house john boehner said the consequences of failing to increase the debt ceiling are real but so too are the consequences of allowing our spending problem to go unresolved. the spending and debt issues took most of the president's attention today, but he also turned to the issue of gun violence. after the shootings at an elementary school in newtown connecticut, he appointed vice president biden to come up with recommendations for action. the vice president met with lawmakers today and with groups on both sides of the issue last week. plans to submit proposals by tomorrow. president obama would not discuss specifics today. instead he said this. >> i'm confident that there are some steps that we can take that don't re
was in the senate, when he was a u.s. senator, he voted against raising the debt ceiling. and he said it was a lack of leadership that had brought us to this point. and so i would, at the beginning of this congress, hope that the president would make this a new start, where we could look at this, and that we'll actually get a budget in place. the senate hasn't passed a budget now for four years. the president, unfortunately, yesterday, said that he's going to delay his budget. even though the law says that he's supposed to submit the budget by february 4th. that is concerning to me. that we are on auto pilot. that the federal government continues to grow, continues to -- we're continuing to spend more money, and we need the president to join in this effort to get our fiscal house in order. >> you're quoted in telling politico that a government shutdown seems surely possible. you said in part that i think it's possible that we would shut down the government to make sure president obama understands that we're serious. and the point president obama is making, and has been making, especially this week,
voting record as a senator against raising the debt ceiling. how is that different, the reporters wanted to know from his current position in which he wants to raise the debt ceiling? but you don't hear much about his contradictory stand in the mainstream media. why not? let's go to our news watch panel, ellen ratner is bureau chief and fox news contributor. radio talk show host mary walter also with us. welcome to you both. mary, what about that. in 2008 president obama was on the campaign trail, you know, bragging about the fact that he had, you know, voted against raising the debt ceiling. that was at a time when our national debt was much smaller than it is now stpheu don't know, jon, round like a little romnesia doesn't it? this is what happens. this is what they do. you're not going to hear it from the media, because have you ever noticed whenever something happens with this administration there is always a special circumstance witness, there is always a reason why it's not hypocrisy this time. there's also a reason why it's different this time. and that's their way of i guess kind
have always raised the debt ceiling. we've never seen the debt limit fail to be raised. all they have said is we want to apply the same criteria that the president himself applied when he was a senator and say we don't want to give the president a blank check. we would like to fix the substantive problem which is the level and the growth in the debt. >> reporter: markets are almost treating the fight over the debt ceiling as the sequel to a bad movie. and investors have a pretty good feel for how this cliffhanger ends. >> they don't really care about the brinksmanship until they are right up to the brink, but also, the more dangerous the fall, off the brink, they figure the less likely tt it going to happen. >> reporter: treasury secretary timothy geithner told congress today that unless it acts, the nation will not be able to pay its bills sometime around mid- february or early march. so with a month of so to go, there is no solution in sight. darren gersh, washington, d.c. >> tom: federal reserve chairman ben bernanke echoed the president's comments on the debt ceiling today, in a s
have a question about this debt ceiling thing. how come nobody talks about the pay for the congressmen and senator. i have called several times to people like cantor and boehner and asking how much does it cost just to turn on the lights there and you guys to sit in the chair and say nothing. >> stephanie: right. there you go. if you want to cut the useless fat, cut their salaries, but not jan schakowsky. >> yeah, he is awesome. [♪ "world news tonight" theme ♪] >> stephanie: jim, glen beck is planning to construct a self sustaining libertarian camp in texas to the tune of $2 billion. >> it's like two time share companies sitting across the hall from each other -- isn't there one in idaho? >> stephanie: they have an amphitheater. >> how will they agree on anything? >> anarchy. >> i want what i want right now, and you -- >> stephanie: no traffic lights nothing. just go! go! whatever you want. >> no water. no roads. >> stephanie: no. he is planning to construct a self sustaining libertarian community. he dubs it independence park. it will be styled a
. >> and the always colorful senator alan simpson is with us, no bigger advocate of getting america's debt and deficit under control, but does he think the debt ceiling is the leverage that republicans should use to get that done? he'll join us exclusively, and i know you're going to ask him about that. >> absolutely. >> let's check out the action on the street right here. here's how things are shaping up with less than an hour to go. the dow jones industrial average hitting basically at the highs of the day. had been down around 60 points earlier. talking about a gain of 20 points on the blue chip average. fractional move at 13,527. nasdaq chart pattern looks similar. take a look though it's negative. down about nine points on the nasdaq, a quarter points lower and the s&p 500 looks like this. similar chart pattern as the dow up a fraction on the standard & poor's but still that's the high of the afternoon. let's get more on the markets in today's "closing bell" exchange by hank smith and steve from comcast funds and our own rick santelli. >> hello. >> good to see you guys. >> thank you so much for j
the president to raise the debt ceiling both now and in the future. that is the latest on what could happen over the debt ceiling. to be returning to all of you this morning. dave is a republican here in d.c. caller: i was just thinking that a lot of people really don't understand what this stuff means in the simplest terms. a lot of folks have not been to college and don't have really good grasp on anything that has to do with politics. it is important that they understand what this entails. when you go to a casino, you spend the money in your pocket. when you are out of that money, you have to go on a line of credit. what happens to us as gamblers if we run up too much of a line of credit, to wipe it clean or do we get in trouble? we are facing the same situation on the federal level. people need to understand this money does not grow on trees and we will essentially turn out like greece. host: jason is an independent in las vegas. caller: good morning. are like to say today that i did not go to college but i understand this very well. $12 trillion was created by george bush with the two wars
, will they shut down the government. >> no, not over the debt ceiling. they may over the continuing resolution this is not their best vehicle. my guess is what they will probably have to do is give him a short-term extension. and then see if the senate will go along. they being of course the house republicans and just try to prolong this fight for a while. they don't want to have-- not shutting down the government is really spooking the credit markets and everything that major talked about a moment ago. and how the president would handle short-term extension is another matter. i think that would back him into a corner. he also ran into a problem because both in response to major and in response to julianna goldman he said i'm to the going to negotiate over this. if they want to have a conversation, i'll be happy to have a conversation. i'm not quite clear sure how he distinguish between conversations and negotiations. here. so i think this is only one of a number of pieces that are going to be played out in the next couple months. in many ways the continuing resolution and so-called sequester,
within our ranks, but the main obstacle to resolving the debt ceiling increases and moving on are the tensions within the republican conference and to some extent in the senate on the republican side. i said this with some caution. there has been, in a sense, a radicalization of the republican conference in the house and i think the results above are shown in the difficulty the speaker had in the last few weeks. so i'm not saying there hasn't been any change, that we should perhaps discuss this and debated. i think in terms of mainstream america at the republican ranks have changed much more dramatically than half the democratic, the texture of the democratic caucus. as i look about, i think i've been part of a the mainstream within the democratic party and i think basically that mainstream -- look, we are willing to sit down and talk about further budget cuts. our insistence is that there has to be a revenue and a major ingredient. the american people basically agree with that, mark. the american people basically said there has to be balance. the american people basically
the responsibility on me to raise the debt ceiling i'm happy to do it. >> pam: the president is also warning republicans to not insist on spending cuts in exchange for rasing the debt limit. the government could run out of money and shut down in march if a deal is not reached. >> former president george h-w bush is out of the hospital for the first time in nearly two months. he was discharged today. after spending several weeks being treated for bronchitis, a bacterial infection and a persistent cough his spokesman said. bush is able to go home without any special medication, but he will do physical therapy, doctors said. the 88-year-old former president said he's "deeply grateful" to the doctors and nurses who took care of him and for all the cards and well-wishes. >> jacqueline: take a look these temperatures. the low 40's. 45 in daly city. 40's in vallejo. the livermore airport. as we look ahead for the next few days. 20's and 30's. we are going to be a little bit warmer in the afternoon wednesday morning, things will be a little bit warmer. and for the afternoon temperatures. low 50s for
on increasing the debt limit ceiling, graham rudman, the bill in 1986, i think it was, 1996, we have a done it a bunch of times, a perfectly reasonable thing to do. put some reasonable reforms in to say, look, we've got to pay our past bills, but this is the only chance we have of getting a bill for what we've already spent and a sense of how we're going it curtail future spending, maybe this is a good moment to figure out a way to do that and obama-- >> president obama keeps saying we can have that discussion, have that discussion about cutting spending, but the thing is, jonah, we never have that discussion. >> it's strange, obama ran a campaign saying we need a balanced approach, a balanced approach can't ask seniors to pay more without asking the rich to pay more so we have to raise taxes. so we raise taxes, we got pretty much exactly what obama asked for with a big tax hike and obama's response is, now we need a balanced approach where we raise more taxes. >> megyn: jonah goldberg, thank you. >> thank you. >> megyn: up next, a popular internet activist was faced with a possible 35 year
to have a discussion about the deficit cutting measures being -- the debt ceiling. this is all one conversation in their minds where the president is trying to move that away from -- move the deficit cutting away from the debt ceiling and we'll see who ends up successful on this. the republicans lost a big bargaining advantage when they gave up the tax cut discussion. that was tied to the fiscal cliff. at one point if you remember, the president was hoping he could get a debt ceiling deal tied to the fiscal cliff negotiation. that didn't happen. the republicans gave up that negotiation. but they're hoping that the debt ceiling raising will give them the leverage that they need to get what they want when it comes to spending cuts. the president hopes though that he can by delegitimizing this idea of having the debt ceiling as a debate, have them have no leverage going into the deficit-cutting discussion or at least a lot less leverage. >> bill: the other big topic, the only other topic actually raised at the news conference yesterday other than whether or not you elect a party, pres
murkowski told the fairbanks daily news miner that spending cuts should not be tied to the debt ceiling debate. then she added if you incur an obligation, you have an responsibility to pay for that. well, it's nice to finally hear someone from the party of personal responsibility stand up for the government's responsibility. joining me now for the latest on debt politics and much more is michelle bernard the president and korea of the person senator center for women, politics and public policy. she's joining us from washington, d.c. and with me in the studio is the always insightful strategist donnie fowler. welcome inside "the war room"." >> glad to be here. >> i'm going to start with you. the republicans, do we start to see cracks in the wall of obstruction? are they starting to budge or is that just wishful thing on our part. >> no, we're seeing cakes here and there. i have to start off with lisa murkowski. you got to say that women always seem to understand how to-- >> jennifer: so pragmatic absolutely. >> a shout out to lisa murkowski tonight p but also to newt gringrich. what i wo
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